Altcoin Daily: BTC, ETH and Three Altcoins Ready To Soar In August
Aaron Arnold, the host of a popular cryptocurrency focused YouTube channel Altcoin Daily, lists five assets that he believes are primed to rally this August: Bitcoin, Ethereum, Uniswap, Elrond and Chainlink.
Bitcoin has only one way to go
Arnold starts off with the king of crypto: Bitcoin (BTC). According to the show host Bitcoin is experiencing an extreme supply crunch, which over time will send the coin’s price up.
“You love to see the supply getting low. Well, the price has nowhere to go but up given enough time. To go even further, there is still so much capital on the sidelines sitting in stablecoins because of the BTC/stablecoin supply ratio… This capital is just starting to flow back into the market.
On-chain things are looking bullish. This current wave of Bitcoin supply shock has a lot of momentum behind it.”
Ethereum going through supply crunch
Second on Arnold’s list is Ethereum (ETH), which he says is experiencing its own supply crunch.
According to Arnold, ETH supply on exchanges has dropped by 10 million in the past year and that $14 billion worth of Ethereum is staked on Ethereum 2.0, where it must lie dormant.
Also, Coca-Cola Company recently used Ethereum’s network to mint non-fungible tokens (NFTs) as a promotional tactic, he points out.
“This is Ethereum’s bull run to lose, in my opinion.”
Uniswap
Arnold takes a look at decentralized exchange Uniswap (UNI). He shares metrics that suggest Uniswap is responsible for bringing in roughly 80% of the 3 million users in the decentralized finance (DeFi) sector. He says that Uniswap’s volume is comparable to the volume of centralized exchanges Kraken and FTX.
Elrond
According to Arnold, Elrond (EGLD) will have a strong August performance as the scalable blockchain network prepares to launch its Maiar decentralized exchange.
Chainlink
The 5th cryptocurrency that Arnold predicts will jump up this August is oracle network Chainlink (LINK). According to Arnold, Chainlink is rapidly expanding its integrations and could hit 1,000 integrations by the end of this year.
